Anadarko Considers JV for Mozambique Monetization

At an analysts conference Anadarko Petroleum’s VP for investor relations, John Colglazier, said that the US independent is considering a JV to monetize up to one-third of its interests in Mozambique. A JV would help the company with the cost of developing the massive reserves discovered on Offshore Area 1.

“It’s a pretty significant piece of the portfolio for something that’s not producing,” Colglazier said. “We’ve said we'd consider monetizing up to one-third of our interest...to help us out and probably minimize portfolio risk.”

Anadarko should have no problem attracting firms as more than one has expressed an interest in getting in on Mozambique’s newly discovered offshore natural gas bounty. Earlier this year Shell participated in a bidding war with Thailand’s PTTEP for Cove Energy. Shell was out bid but a piece of Anadarko’s stake could be just what the company is looking for.